
**** Table IA-3: Predicting the vote alpha: Barebone specifications, decomposing voting against management’s recommendations, and iso-lating deviating vote from family
use "D:\Dropbox\InformedVoting\informed_fund_level.dta", clear
egen style=group(crsp_obj_cd2)
egen mgmt_co=group(mgmt_no2)

reg vote_alpha vote_alpha_lag, cluster(mgmt_co)
outreg using informed_ia_t3l.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe vote_alpha vote_alpha_lag size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_conform_all voteagainstmgmt_nconform_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t3l.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe vote_alpha size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_conform_all voteagainstmgmt_nconform_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t3l.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe vote_alpha vote_alpha_lag size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all independent_from_family_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t3l.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe vote_alpha size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all independent_from_family_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t3l.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reg informed informed_lag, cluster(mgmt_co)
outreg using informed_ia_t3r.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe informed informed_lag size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_conform_all voteagainstmgmt_nconform_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t3r.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe informed size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_conform_all voteagainstmgmt_nconform_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t3r.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe informed informed_lag size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all independent_from_family_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t3r.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe informed size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all independent_from_family_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t3r.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace


**** Table IA-4: Predicting fund family-level vote alpha using proxy research measures
use "D:\Dropbox\InformedVoting\mgmt_co_level.dta", clear
egen mgmt_co=group(mgmt_no2)
sum vote_alpha num_ips_proxy, det

areg vote_alpha log_num_ips_proxy log_num_meetings fsize, cluster(mgmt_co) absorb(year)
outreg using informed_ia_t4.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
areg vote_alpha log_num_views_proxy log_num_meetings fsize, cluster(mgmt_co) absorb(year)
outreg using informed_ia_t4.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

areg vote_alpha num_ips_proxy_scaled fsize, cluster(mgmt_co) absorb(year)
outreg using informed_ia_t4.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
areg vote_alpha num_views_proxy_scaled fsize, cluster(mgmt_co) absorb(year)
outreg using informed_ia_t4.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

areg vote_alpha num_ips_proxy_ind fsize, cluster(mgmt_co) absorb(year)
outreg using informed_ia_t4.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
areg vote_alpha num_views_proxy_ind fsize, cluster(mgmt_co) absorb(year)
outreg using informed_ia_t4.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace


**** Table IA-5: Predicting the vote alpha: Alternative specifications
* Panel A: Restricting to contentious proposals held at firms with more liquid stock
use "D:\Dropbox\InformedVoting\informed_liq.dta", clear
egen style=group(crsp_obj_cd2)
egen mgmt_co=group(mgmt_no2)

reghdfe vote_alpha vote_alpha_lag, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe vote_alpha vote_alpha_lag size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe vote_alpha size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe informed informed_lag, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe informed informed_lag size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe informed size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

* Panel B: Restricting to proposals that pass or fail within ±10% around the passing threshold
use "D:\Dropbox\InformedVoting\informed10.dta", clear
egen style=group(crsp_obj_cd2)
egen mgmt_co=group(mgmt_no2)

reghdfe vote_alpha vote_alpha_lag, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe vote_alpha vote_alpha_lag size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe vote_alpha size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe informed informed_lag, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe informed informed_lag size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe informed size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

* Panel C: Weighting the votes equally
use "D:\Dropbox\InformedVoting\informed_fund_level.dta", clear
egen style=group(crsp_obj_cd2)
egen mgmt_co=group(mgmt_no2)

reghdfe vote_alpha_ew vote_alpha_lag_ew, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5c.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe vote_alpha_ew vote_alpha_lag_ew size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5c.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe vote_alpha_ew size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5c.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe informed_ew informed_lag_ew, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5c.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe informed_ew informed_lag_ew size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5c.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe informed_ew size fsize log_fund_age index_fund2 mret_style_adj_pr12 mret_style_adj_std flow_style_adj_pr12 flow_style_adj_std log_num_stocks logturnover expenses2 total_loads2 size_score value_score mom_score iss_conform_all voteagainstmgmt_all sole_or_independent_all, cluster(mgmt_co) absorb(style year)
outreg using informed_ia_t5c.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace


**** Table IA-6: Separating bottom quintile funds from those in the middle three quintiles 
use "D:\Dropbox\InformedVoting\proposals.dta", clear
egen agenda_n=group(issagendaitemid)

reghdfe car126d_ff4 net_win_informed net_win_mid net_win_btmq mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
test net_win_informed=net_win_mid
test net_win_informed=net_win_btmq
test net_win_mid = net_win_btmq
outreg using informed_ia_t6.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace

reghdfe car126d_dgtw net_win_informed net_win_mid net_win_btmq mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
test net_win_informed=net_win_mid
test net_win_informed=net_win_btmq
test net_win_mid = net_win_btmq
outreg using informed_ia_t6.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace


**** Table IA-7: Additional proposal-level robustness checks
* Include proxy contests
use "D:\Dropbox\InformedVoting\proposals_incl_contests.dta", clear
egen agenda_n=group(issagendaitemid)

reghdfe car126d_ff4 net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t7.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe car126d_dgtw net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst if car63d_dgtw ~= ., cluster(permno) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t7.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace


* Excluding passive voters
use "D:\Dropbox\InformedVoting\proposals_excl_passive.dta", clear
egen agenda_n=group(issagendaitemid)

reghdfe car126d_ff4 net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t7.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe car126d_dgtw net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst if car63d_dgtw ~= ., cluster(permno) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t7.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace


* Excluding busy proxy season
use "D:\Dropbox\InformedVoting\proposals.dta", clear
egen agenda_n=group(issagendaitemid)

reghdfe car126d_ff4 net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst if month(meetingdate) ~= 5, cluster(permno) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t7.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe car126d_dgtw net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst if month(meetingdate) ~= 5, cluster(permno) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t7.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace


**** Table IA-8: Controlling for net win of active voters and top proxy viewers
use "D:\Dropbox\InformedVoting\proposals.dta", clear
egen agenda_n=group(issagendaitemid)

*** Controlling for net win of active voters
reghdfe car126d_ff4 net_win_informed net_win_uninformed net_win_active mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_t8.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe car126d_dgtw net_win_informed net_win_uninformed net_win_active mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_t8.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe car126d_ff4 net_win_informed net_win_uninformed net_win_high mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_t8.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe car126d_dgtw net_win_informed net_win_uninformed net_win_high mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_t8.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace



**** Table IA-9: Alternative clustering schemes
use "D:\Dropbox\InformedVoting\proposals.dta", clear
egen agenda_n=group(issagendaitemid)

reghdfe car63d_ff4 net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno year) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t9a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe car126d_ff4 net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno year) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t9a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe car252d_ff4 net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno year) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t9a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe car378d_ff4 net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno year) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t9a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe car63d_dgtw net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno year) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t9b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe car126d_dgtw net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno year) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t9b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe car252d_dgtw net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno year) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t9b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe car378d_dgtw net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno year) absorb(agenda_n ind year)
test net_win_informed=net_win_uninformed
outreg using informed_ia_t9b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace


reghdfe car63d_ff4 net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst i.ind i.year, cluster(permno year) absorb(agenda_n)
boottest net_win_informed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) seed(1)
boottest net_win_uninformed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 

reghdfe car126d_ff4 net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst i.ind i.year, cluster(permno year) absorb(agenda_n)
boottest net_win_informed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 
boottest net_win_uninformed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 

reghdfe car252d_ff4 net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst i.ind i.year, cluster(permno year) absorb(agenda_n)
boottest net_win_informed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 
boottest net_win_uninformed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 

reghdfe car378d_ff4 net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst i.ind i.year, cluster(permno year) absorb(agenda_n)
boottest net_win_informed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 
boottest net_win_uninformed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 

reghdfe car63d_dgtw net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst i.ind i.year, cluster(permno year) absorb(agenda_n)
boottest net_win_informed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 
boottest net_win_uninformed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 

reghdfe car126d_dgtw net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst i.ind i.year, cluster(permno year)  absorb(agenda_n)
boottest net_win_informed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 
boottest net_win_uninformed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 

reghdfe car252d_dgtw net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst i.ind i.year, cluster(permno year)  absorb(agenda_n)
boottest net_win_informed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 
boottest net_win_uninformed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 

reghdfe car378d_dgtw net_win_informed net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst i.ind i.year, cluster(permno year)  absorb(agenda_n)
boottest net_win_informed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 
boottest net_win_uninformed, boot(wild) bootcl(year) weight(mam) nonull gridpoints (10) nograph seed(1) 


*** Table IA-10: Cross-sectional tests on the predictive power of informed voting for abnormal stock returns after contentious votes: Alternative specifications
* finer categories for proposal types
use "D:\Dropbox\InformedVoting\proposals_blanket.dta", clear
egen agenda_n=group(issagendaitemid)

g x = blanket2
g net_win_informed_x = net_win_informed*x
g net_win_uninformed_x = net_win_uninformed*x

reghdfe car126d_ff4 net_win_informed_x net_win_uninformed_x net_win_informed net_win_uninformed x mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
test net_win_informed_x=net_win_uninformed_x
outreg using informed_ia_t10.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe car126d_dgtw net_win_informed_x net_win_uninformed_x net_win_informed net_win_uninformed x mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
test net_win_informed_x=net_win_uninformed_x
outreg using informed_ia_t10.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

* prior contested
use "D:\Dropbox\InformedVoting\proposals.dta", clear
egen agenda_n=group(issagendaitemid)

g x = 0
replace x = 1 if frac_contested > 0 & frac_contested ~= .
g net_win_informed_x = net_win_informed*x
g net_win_uninformed_x = net_win_uninformed*x
g n = log(1+num_shrd_sponsored)
g net_win_informed_n = net_win_informed*n
g net_win_uninformed_n = net_win_uninformed*n
g m = log(fyme)
g net_win_informed_m = net_win_informed*m
g net_win_uninformed_m = net_win_uninformed*m
* add an interaction term between net win and market cap
reghdfe car126d_ff4 net_win_informed_x net_win_uninformed_x net_win_informed_m net_win_uninformed_m net_win_informed net_win_uninformed x m mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
test net_win_informed_x=net_win_uninformed_x
outreg using informed_ia_t10.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe car126d_dgtw net_win_informed_x net_win_uninformed_x net_win_informed_m net_win_uninformed_m net_win_informed net_win_uninformed x m mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
test net_win_informed_x=net_win_uninformed_x
outreg using informed_ia_t10.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

* add an interaction term between net win and # of shareholder proposals in the last year
reghdfe car126d_ff4 net_win_informed_x net_win_uninformed_x net_win_informed_n net_win_uninformed_n net_win_informed_m net_win_uninformed_m net_win_informed net_win_uninformed x n m mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
test net_win_informed_x=net_win_uninformed_x
outreg using informed_ia_t10.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe car126d_dgtw net_win_informed_x net_win_uninformed_x net_win_informed_n net_win_uninformed_n net_win_informed_m net_win_uninformed_m net_win_informed net_win_uninformed x n m mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
test net_win_informed_x=net_win_uninformed_x
outreg using informed_ia_t10.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace


**** Table IA-11: Mutual fund net buying after contentious votes
use "D:\Dropbox\InformedVoting\proposal_posttrade.dta", clear
egen agenda_n=group(issagendaitemid)
egen wficn_agenda_year_n=group(wficn_agenda_year)
replace netbuy = netbuy*10000
sum netbuy, det

reghdfe netbuy winvote_informed winvote informed mgmt_win iss_win, cluster(wficn permno) absorb(permno_year wficn_year) 
outreg using informed_ia_t11.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe netbuy winvote_informed winvote informed, cluster(wficn permno) absorb(itemonagendaid wficn_year) 
outreg using informed_ia_t11.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe netbuy winvote_informed winvote informed, cluster(wficn permno) absorb(itemonagendaid wficn_agenda_year_n) 
outreg using informed_ia_t11.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe netbuy winvote_informed winvote informed, cluster(wficn permno) absorb(itemonagendaid wficn_agenda_year_n wficn_permno) 
outreg using informed_ia_t11.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace



**** Table IA-12: Performance of trade portfolios of mutual funds 
use "D:\Dropbox\InformedVoting\trade_performance.dta", clear
g c = 1

* Panel A: Full sample of trades
reghdfe trade_perf_raw c if informed == 1, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe trade_perf_raw c if informed == 0, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw informed, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe trade_perf_raw2q c if informed == 1, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw2q c if informed == 0, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw2q informed, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe trade_perf_raw4q c if informed == 1, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw4q c if informed == 0, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw4q informed, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe trade_perf_raw6q c if informed == 1, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw6q c if informed == 0, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw6q informed, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

* Panel B: Meeting months vs. non-meeting months
use "D:\Dropbox\InformedVoting\trade_performance_splits.dta", clear
g c = 1
reghdfe trade_perf_raw informed if meeting_months == 1, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe trade_perf_raw2q informed if meeting_months == 1, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw4q informed if meeting_months == 1, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw6q informed if meeting_months == 1, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe trade_perf_raw informed if meeting_months == 0, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw2q informed if meeting_months == 0, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw4q informed if meeting_months == 0, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe trade_perf_raw6q informed if meeting_months == 0, cluster(wficn qtr) absorb(c)
outreg using informed_ia_t12b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace


**** Figure IA-1: Cross-sectional tests: High vs. low agreement among informed voting funds
g net_win_informed_h = net_win_informed if high_agree == 1
replace net_win_informed_h = 0 if high_agree ~= 1
g net_win_informed_l = net_win_informed if high_agree ~= 1
replace net_win_informed_l = 0 if high_agree == 1

reghdfe car63d_ff4 net_win_informed_h net_win_informed_l net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_fig1a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe car126d_ff4 net_win_informed_h net_win_informed_l net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_fig1a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe car252d_ff4 net_win_informed_h net_win_informed_l net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_fig1a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe car378d_ff4 net_win_informed_h net_win_informed_l net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_fig1a.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace

reghdfe car63d_dgtw net_win_informed_h net_win_informed_l net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_fig1b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay replace
reghdfe car126d_dgtw net_win_informed_h net_win_informed_l net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_fig1b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe car252d_dgtw net_win_informed_h net_win_informed_l net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_fig1b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
reghdfe car378d_dgtw net_win_informed_h net_win_informed_l net_win_uninformed mgmt_win iss_win mgmt_lost_nc size mb car_pr252d_m leverage_b capex sp500 mfo log_nanalyst, cluster(permno) absorb(agenda_n ind year)
outreg using informed_ia_fig1b.doc, bdec(3) starlevels(10 5 1) tdec(2) summstat(N\r2_a) nodisplay merge replace
